CBD is everywhere now it seems! Does that mean it’s just a “Fad”, a “2000’s Thing” or an “Internet Craze”? The quick answer to this is a firm “No”. First, we must examine the history of Cannabis (aka Marijuana, Pot, Weed). Yes, this is directly related to Hemp which is where the CBD of today comes from.
Cannabis (Marijuana) has a long history of human use although most ancient cultures didn’t grow the plant to get high, it was grown as herbal medicine, 0olikely starting in Asia around 500 BC. IN other words, it was regarded as just another Herb. This may surprise some people! :-0
Another thing that may surprise you is the cultivation of Hemp in America dates back to the early colonists who grew it for textiles and rope.
If this is true, you ask…why as it deemed as illegal for so many years? Well, political and racial factors in the 20th century were responsible for the criminalization of marijuana in the United States, though luckily because true believers and scientists never gave up, its legal status is changing in many places!
Now…am I saying Cannabis / Hemp originally came from America? No, definitely not! It actually originally evolved in Central Asia before people introduced the plant into Africa, Europe and eventually the Americas. Hemp fiber was used to make clothing, paper, sails and rope, and its seeds were used as food. Because it’s a fast-growing plant, is easy to cultivate and has many uses, hemp was widely grown throughout colonial America and at Spanish missions in the Southwest. In the early 1600s, the Virginia, Massachusetts and Connecticut colonies required farmers to grow hemp!
These early hemp plants had very low levels of tetrahydrocannabinol (THC), the chemical responsible for marijuana’s mind-altering effects. I found it interesting burned cannabis seeds have been found in the graves of shamans in China and Siberia from as early as 500 BC. This indicates the importance of the plant and all it’s benefits were important enough they wanted to take it into the after-life with them! So…do they grow it in Heaven ya think?
So, to skip ahead to today…after everything that’s happened to the poor little Cannabis Plant – being accused of crimes it did not actually commit and being “incarcerated” in a way for SO many years, it may be surprising to hear where the industry stands today!
The global cannabidiol market size was valued at USD 2.8 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 21.2% from 2021 to 2028. Due to its healing properties, the demand for cannabidiol (CBD) for health and wellness purposes is high, which is the major factor driving the market growth. In addition, the rising acceptance and use of products due to government approvals is a major factor expected to boost production for CBD-infused products. Yay, finally, right?!
Cannabidiol is most widely used for therapeutic reasons due to the lack of psychoactive (feeling “high”) effects. In many medical applications, cannabidiol oil is used, such as anxiety and depression treatment, stress relief, diabetes prevention, pain relief, cancer symptom relief, and inflammation. Due to the increasing adoption of CBD-based products to treat ailments, the global cannabidiol market is anticipated to grow at a lucrative rate over the forecast period.
However, of course there have been major changes, especially because of the COVID-19 pandemic. It caused unprecedented lockdowns all around the world, collapsing daily operations and changing consumer behaviors in nearly every industry, including the CBD industry. With retail stores being forced to close, most industries went online. Is this such a good thing? Yes and No. While it is easier to get whatever you need with just a few clicks, now you can’t be sure of the purity of your product or where it comes from. We’ve discussed this before so I won’t bore you by yammering on about it yet again. 😉
The forecast? Increasing consumer disposable income along with the legalization of medicinal cannabis is anticipated to have a positive impact on the demand for cannabidiol in the pharmaceutical sector. Oils, tinctures, concentrate, capsules, topical solutions such as slaves, lip balms, lotions, and edibles such as baked goods, coffee, chocolates, gums, and candies are some of the CBD products which are in high demand.
Furthermore, the use of hemp-derived CBD is increasing rapidly because of its anti-inflammatory, anti-aging, and antioxidant properties. Various industries such as pharmaceuticals, personal care and cosmetics, nutraceuticals, and food and beverages are developing CBD-derived products for health and wellness purposes. Therefore, the above-mentioned factors would be responsible for this segment’s fastest growth rate over the forecast period.
So the future looks bright for our perseverant friend! Look out for the increase in availability and even more variety of products in the coming months. I don’t see this industry slowing down any time soon!
What new products would you like to see available or what would you like to see more variety in, in the currently available products? Let’s discuss!
Some information derived from grandviewresearch.com & history.com.